BMY closes $13.5B multi-tranche note offering to fund Karuna and RayzeBio acquisitions

BRISTOL MYERS SQUIBB CO

Issued nine tranches totaling $13.5B: Floating Rate Notes (2026) and fixed-rate notes from 2026 to 2064.
Proceeds partially fund proposed acquisitions of Karuna Therapeutics and RayzeBio; remainder for general corporate purposes.
Special mandatory redemption at 101% if Karuna deal not closed by June 30, 2025 or company abandons it (excludes 2034, 2044, 2054, 2064 notes).
Largest tranches: $2.5B 5.200% notes due 2034 and $2.75B 5.550% notes due 2054.
Underwriting syndicate includes major banks; customary covenants and events of default apply.

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